b. Include the OMG FDTF list address in the calendar invite and reminder emails.

+

+

+

== Other suggestions on this: ==

+

Involvement try and get involvmnt of the regulatory grups etc.

+

+

Specifically the R3 group workig with US Treasry e.g. ABN AMRO and others. There was a public announcemetn on that.

+

+

Status: there are 14 members to date.

+

+

Have announced a PoC and are encuoraging these members of R3 to go through this an see whether they would adopt it.

+

+

This is proprietary code not released by R3.

+

+

The PoC to "do a lifetime of trade fr Treasury securities" including WI Security.trade. MAy or may not include allocation of bonds to the winning yield. Some entry for converting a yield to a price with associated calculation.

using Blockchain as distributed ledger but "running a smart contract for ettling the various payment flows over the life of the contract"

+

+

They do have their own distributd ledger which they are planning to make open source in November. This is the Corda systen. They want Corda to be the ledger of choice for new start-ups.

+

+

Corda: no restriction for having a single leger, can have s many separateledgrs as would be appropriate to a process. Not one overarching ledger with everythign on it. So a decision poitn when using Corda is the stratgy for who gets to see what nd therefor ewhich things should be on the same ledger. Has more fleibility than MitCin implementations.

+

+

The main innovation for Financial srvices it not simply Blockchain but that the financial industry is moving to using open source software. Actually this is not so new in eg. tooling like XML parsers, modeling tools. Also databases in some cases. Also in the analytics areas are using open source e.g. mySQL, not so much the critical prouction stuff.

+

+

The documentation for this will follow when this is oen sourced.

+

+

Uses KOTLIN.

+

+

== Proposal: ==

+

Consider US Treasries as our second instrument type for the PoC?

+

- all agreed.

+

+

This would cover primary and secondary market process for those.

+

+

Caution: Drop the word "conceptual diagram"

+

+

conceptual leads to the question of what is the difference between conceptual and real?

+

+

MB: Conceptual IS real i.e. it's a model of the real things not the data about the real things.

+

+

= Ontology.

+

+

Treasury issuance is by Auction.

+

+

During the "When Issued" period they trade on a yield basis. At auction yuo submit a yiel at which you are willing to buy x amount of the securities. The order is filled on this basis. Determine how much of the bulk of the issue is at a fractional basis.

+

+

Terminology

+

+

R3 people would like us to use the term "Distributed Leger" rather than Blockchain.

+

+

Use the acronym DLT for Distributed Ledger Techology.

+

+

Blockchain is the specific DLT for BitCoin though it need not be used only for BitCoin. It's a methodology for putting things in the DL

+

+

Ethereum is also a Blockchain system (kind of an extension of it), whereas BC was designed specifically to support the requirements of BitCoin.

+

+

So Blocchain may refer specifically to what was in Satoshi's paper but there are similar things using the same altorith and also things using a totally different algorithm.

+

+

Some have requirements that are sufficiently different to the BitCoin requirement, and therefore would use different algorithms.

+

+

Our mission: Show the applicability of ontology as a computionally independent view of things and its applicability to a range of DLTs.

+

+

Next Steps:

+

Complete the ontological view of the business workflow and the commitments / contractual terms for our two PoC instruments (IR Swaps and US Treasuries).